AQA Economics 18th May 2012 Unit 1 Exam

That's right!
Also , My economics teacher has been going through the different graphs for positive externalities in consumption and production and neg externalities in consumption and production (as 4 different graphs) has anyone else been taught this way? Don't want to confuse people. My econ teacher was just saying this is due to the exam "slightly" changing and teachers are advised to teach this way, have you learnt it this way? I'm sure it doesn't matter but teachers will have to teach this way for next year.

Thanks, and oh i looked in past mark schemees and you can get marks for it in the third part of the data response, so im gonna learn it anyway hehe

For MSQs, what I do is after I read the question, I try to already have an answer in my mind, without even looking at the choices. Then I go through each choice, and just choose the one which is most similar to what I had in my mind - this only works for the easier questions, mind you. For the slightly more trickier questions, remember that three of the choices are detractors (is that spelt right?) so go through each choice and cross off the ones it definitely cant be, which I'm sure you do. When it gets down to only two choices, do the 'reverse' test, in that ask yourself, would the scenario really make sense if that was the answer.

But seriously, the best piece of advice I can give you is to just do ALL OF THE PAST PAPERS! Questions start to exactly repeat themseves after three years, so its worth doing all of the papers from 2003 onwards. As you do each paper, you'll get better at answering the questions, and you'll get quicker too - trust me.

Oh, and can someone please explain buffer stocks to me, with the graph? For some reason, it's not making any sense to me

That's right!
Also , My economics teacher has been going through the different graphs for positive externalities in consumption and production and neg externalities in consumption and production (as 4 different graphs) has anyone else been taught this way? Don't want to confuse people. My econ teacher was just saying this is due to the exam "slightly" changing and teachers are advised to teach this way, have you learnt it this way? I'm sure it doesn't matter but teachers will have to teach this way for next year.

I guess the others have done the job of explaining buffer stocks much better than I could have, but I'll just add to it by saying that even though it may not be explicitly mentioned in the question, its great to mention buffer stocks and its effects on the economy while talking about the EU CAP (Common Agricultural Policy) - its a great evaluation point!

And thank you very much for your pointers for the MCQs! However, the current specification says all papers after 2009 - would you still recommend going through papers from 2003?

Thanks again!

Hey guys,
I am self teaching myself aqa economics and i am stuck on a few ideas.
firstly i would like to ask which book is everyone using, currently i am only using the nelson thornes book. the book is rubbish in my opinion so could anyone suggest me any better resources i can use.

also what is the best way to revise economics--- should i learn alot of theory or do more practice papers.

the ideas i am stuck on are: what do we need to know about aggregate supply?
do we need to know about the exchange rate.

could someone please explain externalities please?

any help very much appreciated

Can someone post or find a model answer for the 25 marker? This is my only essay-based subject so I really don't know how to structure an essay at all.

I just use notes, also use this site:
http://www.tutor2u.net/economics/revision-notes/index.html & I highly recommend you check it out, it has everything you need to know.
Also: http://store.aqa.org.uk/qual/gce/pdf/AQA-2140-W-SP.PDF the specification tells you what you need to know and yes the exchange rate is included.

Regarding AS look at: http://www.tutor2u.net/economics/revision-notes/as-macro-aggregate-supply.html
I would type it out but it's all there already and it'd be huge

Externalities are third party effects which rise from production and consumption of goods and services for which no appropriate compensation is paid. They can market failure if the price mechanism doesn't account for the social costs and benefits of production and consumption.
http://www.tutor2u.net/economics/revision-notes/as-marketfailure-negative-externalities.html

On opportunity cost I'm not sure where it would come up with prices in the exam? Possibly on a production possibility frontier? It's relatively simple, where there is a loss in one good when another good is being increased, that loss is the opp. cost.

If you need any more help regarding a specific question, feel free to ask

i dont mind answering a question but which question do you want me or others to answer. i haven't done a single essay style question yet either so i want so post it on tsr and ask for feedback so tell me the question you want me to answer

Ooh one more thing - the graphs for positive externalities and merit goods are the same right? (In both, MSB > MSC and so when left to the free market, it is underprovided)

And similarly, the graphs for negative externalities and demerit goods are the same (MSC > MSB, so the good is overprovided).

Please someone verify that?

just a quick question: for the five mark definition how much are we supposed to write because five marks is a lot.

for example if it says define externalities

would it be enough to say the cost or impact of either consumption or production on a third party individual who is not involved in the neither the production or consumption of a good or service.

thanks

also does everyone else find macroeconomics easier than micro?

2 sentences max

lol, but how do we know if my short answer will guarantee me the full 5 marks? i know its a stupid question.

also how do you revise/remember the definitions or do you just write down everything you know about the question, i.e define fiscal policy? would you just write down, one of the governments macroeconomic tools to control aggregate demand and supply in the economy. this is achieved through manipulation of government spending and taxation. for example to increase aggregate demand the government's fiscal policy will be to increase spending/investment to stimulate aggregate demand.

will this answer get me the full 5 marks. I know i have written loads but i don't know when to stop lol

any help very much appreciated

lol, but how do we know if my short answer will guarantee me the full 5 marks? i know its a stupid question.

also how do you revise/remember the definitions or do you just write down everything you know about the question, i.e define fiscal policy? would you just write down, one of the governments macroeconomic tools to control aggregate demand and supply in the economy. this is achieved through manipulation of government spending and taxation. for example to increase aggregate demand the government's fiscal policy will be to increase spending/investment to stimulate aggregate demand.

will this answer get me the full 5 marks. I know i have written loads but i don't know when to stop lol

any help very much appreciated